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Forward-Looking Statements

31 st Annual Gabelli Automotive Aftermarket Symposium October 30, 2007 Mike Dolan Executive Vice President and Chief Administrative Officer. Forward-Looking Statements.

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Forward-Looking Statements

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  1. 31st Annual Gabelli Automotive Aftermarket Symposium October 30, 2007Mike DolanExecutive Vice President and Chief Administrative Officer

  2. Forward-Looking Statements This presentation contains forward-looking statements, which are subject to risks and uncertainties. Additional discussion of factors that could cause actual results to differ materially from management’s projections and estimates is contained in the CarMax, Inc. SEC filings. The Company disclaims any intent or obligation to update its forward-looking statements.

  3. The CarMax Advantage® • Unique consumer offer • Proprietary processes and systems • Skilled, dedicated people • Diversified profit base

  4. Unique Consumer Offer Ease of Shopping • Low, no-haggle prices • Huge selection • carmax.com • Customer-friendly service Peace of Mind • Guaranteed quality

  5. CarMax TodayNation’s largest used car retailer Hartford / New Haven Milwaukee • 84 used car superstores • 38 markets • Store growth: • FY07 10 stores +15% • FY08 13 stores +17% (Est.) Chicago Columbus DC / Baltimore Sacramento Salt Lake City Indianapolis Kansas City C’ville Las Vegas Louisville Richmond Fresno Va. Beach Wichita Greensboro Knoxville Nashville Raleigh Los Angeles Oklahoma City Greenville Charlotte Albuquerque Memphis Tucson Dallas Atlanta Columbia Birmingham Austin Jacksonville Orlando San Antonio Houston Tampa Small markets (1) Mid-sized markets (28) Miami Large markets (9)

  6. Consumer and Business Recognition • 25+ awards in the last 2 years • “Best of” Atlanta , Austin, Columbia, Sacramento, San Antonio consumer awards • BBB award for Business Ethics in Atlanta, central Indiana, central North Carolina and others • American Business Award – “Stevie Award” for Best Overall Company • 2 million cars sold as of December 2006

  7. Consumer Offer Purchasing/ Inventory Management Finance Originations Reconditioning Proprietary Processes and Systems 14 Years of Refinement

  8. Skilled, Dedicated Associates • THE CARMAX CULTURE Three years running (2005 - 2007) • Comprehensive, formal training in four functional areas • Classroom and on-line training • Mentoring

  9. Diversified Gross Profit ContributionFY 2007 9

  10. CarMax Lifecycle 15% annual store growth

  11. Future Sources of Growth Store Expansion • 84 stores today • CarMax has stores in markets where 40% of the U.S. population lives • 15% - 20% new store openings

  12. Future Sources of Growth Market Share Expansion • Comp used unit sales (5-year average) • CarMax +6% • Public new car dealers (3)% • Monthly used unit sales per store • CarMax 426 • Public new car dealers 49

  13. Strong Results – FY07 Superstores Revenues Net Earnings* $ in millions $ in millions $7,466 $199 77 $6,260 67 $134 AGR = 15% AGR = 19% AGR = 48% * FY06 restated for SFAS 123R

  14. CarMax Earns Attractive Returns ROIC (1) 5-Year Average (2002 thru 2006) ROIC (%) (2) Source: Published reports and CarMax estimates. (1) After-tax EBIT/average invested capital. Invested capital includes operating leases capitalized at 8x rentals. Results not adjusted for subsequent restatements. (2) Public dealer average includes: ABG, AN, GPI, LAD, PAG, and SAH.

  15. Future Sources of Growth Sales Growth • Comp used unit growth: 4% - 8% • New store openings: 15% - 20% • Resulting FY12 revenue range: $13 - $18 bn

  16. New at CarMax • New carmax.com Search Capability • Give customers greater search flexibility • Improve site-to-store conversion • Provide competitive advantage

  17. Current carmax.com Search Capability

  18. New carmax.com Search Capability

  19. New at CarMax • Appraisal System Enhancements • Better and more timely analytical data for buyers • Improved estimation of reconditioning costs • Improved customer offers and delivery mechanism

  20. What is CarMax? A unique and sustainable retail growth story with defensible competitive advantages

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